SK On-Hyundai Motor Battery Joint Venture... Georgia, USA 'Deal of the Year'
SK On and Hyundai Motor Group's battery joint venture factory project has been selected as the 'Deal of the Year' by an economic organization in the state of Georgia, USA.
The Georgia Economic Developers Association announced on the 13th (local time) that the joint factory project of the two companies was chosen as the 'Deal of the Year' in the large community category. Since 2008, the association has comprehensively considered the economic impact on Georgia, the expertise required to close the deal, and the level of difficulty to select the 'Deal of the Year' recipient.
The two companies announced that they will invest a total of $5 billion (approximately 6.5 trillion KRW) to build a battery factory with an annual capacity of 35GWh in Bartow County, Georgia. The target start of operations is the second half of 2025.
This is the second time SK On has received the 'Deal of the Year' award. SK On previously won the award in the 'Medium Community' category in 2019 for its own factory 'SK Battery America' built in Commerce City.
SK On has played a key role in establishing the electric vehicle industry belt in the southeastern United States. Pat Wilson, Georgia's Commissioner of Economic Development, said, "SK On is the first mover in the early days of the U.S. battery industry," and added, "They have completely changed the landscape of U.S. battery manufacturing."
Recognizing SK On's leadership in electrification in North America, last month the U.S. business magazine Fortune ranked it first in the 'World-Changing Innovations' list.
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SK On currently operates two of its own factories in Georgia and is building a joint factory with Hyundai Motor. Additionally, it is constructing a total of three battery factories with Ford (two in Kentucky and one in Tennessee). After all these factories are completed in 2025, SK On will have a battery production capacity of over 180GWh in the United States alone.
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